ExOne is releasing its financial results for the first quarter of 2018, which ended on the last day of March. Overall, things are looking good for the company – consolidated revenue is up 9% to $11.9 million since Q1 2017, with machine revenue up 6% and non-machine revenue up 12%. In addition, the backlog at the end of the quarter has expanded over 20%, to a total of $26.1 million.
“Our growth and technology development activities are off to a solid start and are on track to meet our 2018 targets. Total revenue grew by 9%, or 13% on a non-GAAP basis after excluding $0.3 million in revenue from our exited specialty machining operation from the first quarter of 2017. The number of machines that we recognized in revenue in the quarter increased to six from five in the prior year, backlog expanded by nearly $5 million from December 2017 and machines that have been shipped to customers and are yet to be recognized in revenue totalled eight at the end of the quarter,”, said Jim McCarley.
Given this level of backlog, together with our robust pipeline, scheduled shipments and our available inventory, we expect our first half revenue to be in line with our full year guidance of growth in excess of 20%. Revenue growth at this rate is market leading performance and differentiates ExOne both in our growth potential as well as the increasing industrial acceptance of our binder jetting technology.”
Jim McCarley, CEO of ExOne.
“Operationally, we are on plan to meet our aggressive technical improvement goals, and we are driving continuous improvement in our team composition, cost structure, and business processes. We realized year-over-year gross margin improvement this quarter and expect this to continue throughout 2018. Likewise, we are spending R&D dollars on key machine capability improvements with our lead project, the development of a large format fine powder printer, and expect to begin printing trials this quarter.”
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